If your parent needs long-term care, he or she may qualify for Medicaid. However, New York has income and asset limits in place that affect eligibility.
Learn more about the financial qualifications for New York Medicaid for seniors who need nursing home assistance.
A single individual who needs nursing home care must have an income below $875 per month to qualify for Medicaid in 2020. This limit also applies if your loved one has a spouse who is not currently applying for Medicaid. If your married parents both need nursing home care, they are subject to a shared monthly income limit of $1,284.
For the purposes of Medicaid, income includes employment earnings, pension payments, spousal support, disability payments, gifts, Social Security income, and payments from investment or retirement accounts.
A single person or a married person applying for Medicaid alone must own less than $15,750 in assets. In addition, New York caps the assets of a spouse who is not applying for Medicaid at $128,640. If your parents plan to apply for Medicaid together, their assets must have a total value of less than $23,100.
Many types of property do not count toward the asset limit in New York. Exempt assets include your parent’s primary residence, prepaid funeral arrangements, up to $1,500 in final expenses savings, a vehicle, household furnishings and items, retirement accounts, and personal items.
Careful Medicaid planning can help your parents spend down assets in accordance with state law. Doing so will improve their chances of qualifying for Medicaid as long as they meet other New York eligibility requirements.